Now that I have more experience flying the TU206G I wanted to update this thread for the benefit of those who might be researching this topic.
Takeoff performance is excellent with the TSIO-520M. I had shared some spreadsheets where I broke down the power differences between the TSIO-520 and the IO-550, but there is one significant factor that was not accounted for in those calcs - usable HP. The single largest limiting factor, in my situation, is cooling. The TSIO-520 may have more power on paper at altitude, but loaded down you're climbing at 300fpm above 8000ft to keep the temps down, I'd be REALLY curious to fly a 550 equipped 206 and experience the difference.
That said, if you run ROP, the 206H POH is a handy reference because the fuel flows are VERY similar if you're trying to keep the CHTs under 400* ROP. The book values for the turbo G model are not usable, as they allow for MUCH higher CHTs, whereas modern wisdom indicates 380* is a practical limit. That said, at least for cylinder 5, I have to accept 390* otherwise power settings are simply too low to be practical.
